BounceBit Abandons Standalone Blockchain After $3 Million Hack

BounceBit has announced it will shut down its standalone Layer 1 blockchain and migrate to BNB Chain after an attacker exploited an authorization flaw to steal $3 million worth of BB tokens.

The incident occurred between Wednesday and Thursday, with the attacker transferring approximately 286.5 million BB from nine wallets before block production was halted around 40 minutes later.

BounceBit said the vulnerability was related to a feature of the Evmos stack that its chain was built on, allowing a smart contract caller to specify a different account as the source of funds without verification.

Instead of patching and upgrading the network, BounceBit has decided to permanently retire the chain and reissue BB as a BEP-20 token on BNB Chain using a pre-attack snapshot to cancel all unauthorized transfers.